Bank of America Corp DE Sells 240,583 Shares of Sonos, Inc. (NASDAQ:SONO)

Bank of America Corp DE decreased its holdings in shares of Sonos, Inc. (NASDAQ:SONO - Free Report) by 31.5% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 523,810 shares of the company's stock after selling 240,583 shares during the quarter. Bank of America Corp DE owned 0.43% of Sonos worth $7,878,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. SBI Securities Co. Ltd. purchased a new stake in shares of Sonos during the 4th quarter valued at $30,000. Mountain Hill Investment Partners Corp. acquired a new stake in Sonos in the 4th quarter worth about $31,000. Smartleaf Asset Management LLC boosted its holdings in shares of Sonos by 191.2% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,621 shares of the company's stock worth $39,000 after purchasing an additional 1,721 shares during the last quarter. Headlands Technologies LLC purchased a new position in Sonos in the fourth quarter worth approximately $84,000. Finally, KBC Group NV grew its position in Sonos by 52.6% in the fourth quarter. KBC Group NV now owns 7,403 shares of the company's stock worth $111,000 after acquiring an additional 2,551 shares during the period. Institutional investors own 85.82% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on SONO. Jefferies Financial Group cut their price objective on Sonos from $19.00 to $13.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. Rosenblatt Securities dropped their price objective on Sonos from $18.00 to $15.00 and set a "buy" rating on the stock in a report on Thursday, May 8th.

Sonos Stock Performance

Sonos stock traded down $0.31 during trading on Friday, reaching $10.28. 181,212 shares of the company's stock were exchanged, compared to its average volume of 1,965,488. The company's 50-day moving average is $9.57 and its two-hundred day moving average is $12.26. Sonos, Inc. has a 52-week low of $7.63 and a 52-week high of $16.30. The firm has a market cap of $1.23 billion, a price-to-earnings ratio of -18.01 and a beta of 2.06.

Sonos announced that its board has initiated a stock repurchase plan on Monday, February 24th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to reacquire up to 10.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling

In other Sonos news, major shareholder Coliseum Capital Management, L bought 147,157 shares of Sonos stock in a transaction that occurred on Thursday, April 3rd. The stock was purchased at an average cost of $9.17 per share, for a total transaction of $1,349,429.69. Following the completion of the acquisition, the insider now owns 12,055,582 shares of the company's stock, valued at approximately $110,549,686.94. This represents a 1.24% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.80% of the stock is owned by company insiders.

About Sonos

Sonos, Inc, together with its subsidiaries, designs, develops, manufactures, and sells audio products and services in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers wireless, portable, and home theater speakers; components; and accessories. The company offers its products through approximately 10,000 third-party retail stores, including custom installers of home audio systems; and e-commerce retailers, as well as through its website.